The Penny Hoarder

What Financial Freedom Means — And How to Reach it
Chapter Searches Every Medicare Option Nationwide to Find the Right Coverage for You
Best Checking Accounts September 2021
How to Become an Audiobook Narrator | Beginner's Guide

What Financial Freedom Means — And How to Reach it

Posted: 31 Aug 2021 01:20 PM PDT

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Maybe you dream of waking up next to the ocean on a gorgeous piece of land you own, surrounded by nature, with zero internet because you never need to work again.

Or maybe you dream of waking up somewhere other than your childhood bedroom, without your parents nagging you to get a job and move out because you're 35 years old.

Financial freedom can mean something different to everyone, but it always comes back to this: What drives you to get up and go to work?

We're not talking about just your job, we're talking about whatever it is you're doing to reach those financial-freedom goals you have — improving your credit score so you can buy a home for your family; paying down your debt, so you can relieve yourself of the anxiety sitting on your chest; finally taking that leap to invest and build your retirement fund.

Whatever your vision of financial freedom is, we've compiled the five steps that can help you get there.

1. Add Up To 300 Points To Your Credit Score

If your vision of financial freedom is owning a house, or leasing a car, or even just opening a credit card in your name you know that a good credit score is an important part of getting there.

When it comes to your credit score, it's important to stay organized and keep tabs on it. After all, it'll play an essential role in any big purchase you want to make — and could save you thousands.

So if you're looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.

Within 90 seconds, you'll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You'll even be able to spot any errors holding you back (one in five reports have one).

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.*** "They showed me the ins and outs — how to dot the I's and cross the T's," he said.

Want to check for yourself? It's free and only takes about 90 seconds to sign up.

2. Stop Paying Your Credit Card Company

If you have credit card debt, you know. The anxiety, the interest rates, the fear you're never going to escape… Digging yourself out of that debt could be your version of financial freedom.

And the truth is, your credit card company doesn't really care. It's just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You'll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 2.49% APR), you'll get out of debt that much faster. Plus: No credit card payment this month.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don't worry — they won't spam you with phone calls.

3. Start Investing and Save For Retirement: Get up to $200 in Free Stock from This Company

Investing can seem overwhelming if you've never done it before. But in order to reach financial freedom, letting your money sit and earn pennies may not get you there.

If you feel like you don't have enough money to start investing, you're not alone. But guess what? You really don't need that much — and you can even get free stocks (worth up to $200!) if you know where to look.

Whether you've got $5, $100 or $800 to spare, you can start investing with Robinhood.

Yeah, you've probably heard of Robinhood. Both investing beginners and pros love it because it doesn't charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it's super easy to use.

What's best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It's random, though, so that stock could be worth anywhere from $2.50 to $200 — a nice boost to help you build your investments.

4. Set Aside Millions For Your Family's Future

Have you thought about how your family would manage without your income after you're gone? Chances are your checking account balance won't last forever. And if your dream of financial freedom includes your childrens' financial freedom, then you need to prepare for that future in case it arrives too soon.

Here's the thing: You should keep a healthy amount of savings in the bank, but if you want to give your family up to $1 million, use something called term life insurance.

We suggest a company like Bestow. Maybe you've considered this before, but thought it was only for rich or older people. But we're hearing that people are getting it for as little as $16 a month.

You can take advantage of Bestow until you're 54 years old, but the sooner you take care of this, the cheaper it could be.

You don't even need to leave your house to get a free quote from Bestow — it takes minutes. Instead of leaving your family with what's in your checking account and a bucket of worries, they'll be able to afford the life you've always wanted for them.

5. Become A Better Saver And Grow Your Money Faster — Without Risk

While investing can be a rewarding way to reach your financial goals, you shouldn't ignore smart saving, too. Find a place to safely stash your money away — but make sure it's still earning money.

Under your mattress or in a safe will get you nothing. And a typical savings account won't do you much better. (Ahem, 0.06% is nothing these days.)

But a debit card called Aspiration lets you earn up to 5% cash back and up to 16 times the average interest on the money in your account.

Not too shabby!

Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for "this is totally safe."

6. Quit Your Job and Make up to $69/Hour as a Small Business Owner

Maybe your version of financial freedom is working for yourself and earning more income. Have you thought about how you could achieve that?

Can you open an excel spreadsheet? Does earning $69 an hour sound appealing? How about the freedom to work remotely while helping others succeed?

Those are the perks of working as a bookkeeper, says Ben Robinson, a CPA and business owner who teaches others to become virtual bookkeepers through online courses called Bookkeepers.com.

You don't have to be an accountant or even really good at math to be successful in this business. In fact, all you need are decent computer skills and a passion for helping business owners tackle real-world problems. The ability to stay moderately organized is helpful, too.

You can make up to $69 an hour, according to data from Intuit, the creator of QuickBooks, and you have no commute. It's a great opportunity for parents who want a part-time job, recent college grads or anyone who wants to bring in real money working from home.

Robinson shares what it takes to be a virtual bookkeeper, plus tips for making this career work for you in his free class at Bookkeepers.com. If you stick with the classes, you could be running your own business in just a few months.

7. Cut Down Your Expenses And Save Hundreds

No matter what your dream of financial freedom is, having more money in your pocket will help you get there. And there are likely bills you pay every month that you could cut down dramatically.

For example — when's the last time you checked car insurance prices?

You should shop your options every six months or so — it could save you some serious money. Let's be real, though. It's probably not the first thing you think about when you wake up. But it doesn't have to be.

A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it'll show you your options.

Using Insure.com, people have saved an average of $489 a year.

Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.

8. Make a Budget — And Stick To It

The single task of creating a budget and actually sticking to it can be someone's idea of financial freedom. Knowing where their money is at all times and feeling confident in every dollar they spend.

And even if it's not part of your dream, having a budget to follow will help set you up for financial success, no matter what your goals are.

We recommend the 50/30/20 method. It's simple, yet effective, and has a bit of a cult following, too! Here's how it shakes out:

50% of your take-home income every month covers your fixed expenses — rent, utilities, groceries, minimum debt payments, etc. 30% goes towards the things you can live without, but don't want to (like food delivery, a Netflix subscription and travel). Finally, the last 20% of your monthly income is dedicated to your financial goals.

Kari Faber is a staff writer at The Penny Hoarder.

***Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10-point increase, and 20% see at least a 50-point increase after 180 days.

Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any score improvement is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning and developing better credit habits.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Chapter Searches Every Medicare Option Nationwide to Find the Right Coverage for You

Posted: 31 Aug 2021 01:10 PM PDT

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

You've thought about retirement for years. But now that it's approaching, you still have a lot of questions. A lot of them hinge on healthcare — and the prospect of having to part with an employer plan. And for those already on Medicare, too many wonder if they're getting the best deal out of the government-sponsored coverage they invested so much in over their career.

Whether you're enrolling in Medicare for the first time, shopping for a better deal or trying to improve your coverage or benefits, it can all be a bit overwhelming. Luckily, a free resource called Chapter will search every single Medicare option nationwide to match you with the right fit for your needs. It saves people an average $750 a year, plus it will help you find more benefits for less money.

Use This Service To Find the Right Medicare Plan for You

For most people who are turning 65 or retiring, enrolling in Medicare starts with a local broker. Unfortunately, those brokers usually only source from a fraction of the available plans in your area. They're also often unable to search for all the benefits offered by these plans. That means you might not be getting the right plan for your needs.

Chapter offers the same service your local broker does, but what makes Chapter different is that their team of licensed advisors sources from every available plan nationwide to match you with the right one. The average person has upwards of 50 plans available in their area, so it should come as no surprise that the majority of plans have different benefits, drug costs, and of course, come with different price tags. Chapter's free plan-finder consultation with a licensed Medicare expert saves older Americans an average of $750 a year. Chapter helps by finding plans with better benefits or by finding lower-priced versions of lookalike plans. If you're already on Medicare, you could get your current or similar coverage for hundreds of dollars less by simply using this tool.

Here's how it works:

Answer a few simple questions on Chapter's website, including whether this is your first time enrolling, and some basic information about yourself, like your name and age, and Chapter will build a shortlist of recommendations for you. And don't worry — the company won't sell your responses to spammers.

Even easier? You can call 251-220-0839 to talk it over with an expert, who can walk you through the whole process. Whether you're pretty much certain about a plan, stalled at a sticking point or haven't even started searching, they'll help. Chapter's service is free, and its advisors' compensation doesn't vary based on the specific plan you choose.

Let Chapter Walk You Through the Process

When it comes to Medicare, wrapping your head around what you're signing up for is the tough part. It can drive months of procrastination and possibly even cause you to miss a key enrollment period. About 700,000 people are hit with late enrollment fees every year for failing to enroll in Medicare on time, according to 2019 figures from the Centers for Medicare and Medicaid Services.

Luckily, Chapter Medicare will walk you through the whole process. Not familiar with all the insurance terms that thicken Medicare's alphabet soup? Want to understand the difference between Original Medicare, Medicare Advantage and Medigap? Not sure how your prescription drugs will be impacted? Let Chapter help.

It takes just a few minutes to enter your information and get started. Chapter will take into consideration factors like your lifestyle, health and finances, then search every available plan to match you with the right fit for you — at the most cost-effective price.

Even better? Each year, Chapter's team helps you re-confirm or improve your coverage to make sure you're always getting the right plan for you. So whether you're shopping for a new plan or enrolling for the first time, get started here to see how much you could save, or call 251-220-0839 to talk it over with an expert.

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Best Checking Accounts September 2021

Posted: 31 Aug 2021 09:00 AM PDT

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Do you remember why you chose your current checking account?

If you got started early, your parents might have helped you open a kids' account at their bank's branch. Or maybe you went with the bank down the street from your work after getting your first W2 job.

Whatever the reason, location likely played a big part. Thankfully, you're no longer confined to a financial institution because of its proximity to you — or a brick-and-mortar site altogether, for that matter.

From higher interest rates to better benefits, it pays to expand your search beyond your local bank or credit union these days. Here's how to choose the right checking account for you.

Advantages of Choosing the Right Checking Account

You probably already know that you need a checking account. It serves as the primary hub for your money. It's where your paychecks land, and, from there, you use the money to pay bills, buy the stuff you need and hopefully slide some of it into a savings account.

Picking a bank account is a surprisingly personal choice. What makes an account "good" depends largely on your financial situation and goals. Checking accounts come in a lot of varieties these days, each with different features and benefits. It's up to you to do the research and find the one that will benefit you and your lifestyle the most.

But we can tell you a few things that make any account good. Here are a few important features to keep in mind:

Fees: How much will it cost you to manage your money with this account?
Rewards: What do you earn in return for using the account?
Accessibility: What are the requirements to open this account and earn the rewards?
Mobility: Can this account travel and move with you?

Types of Checking Accounts

There are a few varieties of checking accounts out there that offer different benefits. You just need to figure out which kind will work best for you. Some of your options are:

Student Checking: These accounts usually feature minimal fees and no minimum balance. They also don't offer a lot of perks. They're bare-bones accounts designed for cash-strapped students who just need the basics.
Express Checking: This is the checking account for today's digital person. If you don't like going to the bank, this could be for you. These accounts are designed for use on computers, phone apps, ATMs or by telephone. You may actually get a fee for going to a live teller. The upside is fees are minimal as long as you keep banking digitally.
Joint Checking: Need to share a checking account with a spouse or another person? A joint account lets you both put money in and take money out as needed.
Fresh Start or Second Chance Checking: If you've run into financial trouble and have had your accounts closed, it can be tough to get a new account. These accounts are designed to minimize the bank's risk, but they allow you to open a new account. If you maintain it well for an extended period of time, it may open opportunities for you to upgrade.
Rewards Checking: Rewards checking offers the highest perks, such as annual percentage yield (APY) interest on the account balance. Debit card purchases could also receive cashback bonuses or earn points for things like airline travel or gift cards. Some, however, will come with an annual fee.

Pro Tip

Check out our current list of bank promotions for a chance to gain a monetary bonus when signing up for a new bank account.

So How Do You Choose? Our Methodology

We decided to see how some of our favorite checking accounts stack up against this criteria.

We graded 10 bank and credit union accounts on the factors that we like to see in any checking account — no fees, free ATMs, good rewards, easy set up and accessibility.

What Are the Best Checking Accounts of September 2021?

Based on these criteria, here are some institutions with the best accounts:

Banks	Fees	Rewards	Accessibility	Mobility	Overall
Chime Spending	A+	C	A	A-	A-
Varo	A+	A	B-	A	A
Chase Total Checking	C	A	B	A	B
TD Bank Convenience Checking	C	A	C	A-	B
Axos Bank Essential Checking	A	A	B	B	B+
Ally Interest Checking	A	D	B	A	B
Consumer Credit Union Free Rewards Checking	A	A	B	A	B
Schwab Bank High Yield Investor Checking	B	F	D	A	C+
Chase College Checking	C	C	A	A	B+
Montgomery Bank New Start Checking	A	F	B	B	C+

1. Chime Spending Account

Overall: A-
Fees: A+

Rewards: C

Accessibility: A

Mobility: A-

Chime is an online checking account that offers some unique features with its online bank account that traditional banks haven't caught on to yet. Consider:

Chime doesn't charge overdraft fees, monthly maintenance fees, foreign transaction fees or minimum balance fees.
Chime customers have access to thousands of fee-free MoneyPass ATMs around the country.
When you set your payroll up for direct deposit to your Chime spending account, your paycheck will post up to two days before payday, giving you more time to plan, save and pay the bills.
You can open an easy-to-access connected savings account. It allows you to automate your savings with features like the round-up tool, which will round up your transactions to the nearest dollar and dump the change into savings.
Its mobile app is user-friendly, making managing money super accessible via iPhone or Android.
It has a "Pay Friends" feature, so you don't have to mess with cash, math or other apps to split the bill.

Plus, it takes about five minutes to sign up. The bank verifies your personal information, takes note that you're at least 18 or older, then you're good to go. No opening deposit required.

For an account that'll help you strike up savings — and that could pay you two days early — check out Chime.

Want more information about Chime? Read our full Chime Bank review.

2. Varo Checking Account

Overall: A
Fees: A+
Rewards: A
Accessibility: B-
Mobility: A

Varo has combined traditional banking tools with modern technology to help its customers become financially healthy. Its big selling points include:

No hidden fees: With Varo, as long as you use one of more than 55,000 Allpoint® ATMs across the world, you'll never pay fees. Additionally, you'll pay no monthly service fees, no minimum balance fees, no foreign transaction fees and no cash replacement fees. You'll just pay out-of-network ATM fees and cash deposit fees if you deposit cash in-store through Green Dot®.
All-in-one: In addition to a bank account, you can open a Varo Savings Account (earning from 0.20% to 3.00% APY), connect your credit cards and more.
Early access to your paycheck: Get paid up to two days before your check is typically posted when you set up direct deposit with Varo.
Varo Forecast: Varo keeps tabs on how much you spend across all your accounts, so you can better analyze and project your cash flow. It also allows you to set spending caps.

To sign up for Varo, you'll have to download its free app.

3. Chase Total Checking® Account

Overall: B
Fees: C
Rewards: A
Accessibility: B
Mobility: A

Here's another account with stellar rewards: You can get a $225 bonus when you open a new Chase Total Checking account.

Getting the bonus is pretty simple, compared with similar offers. Open a new Chase Total Checking® account* with $0, and set up direct deposit within 90 days of opening.

Keep your account open for at least six months, or you'll lose the bonus at closing.

The account comes with a $12 monthly service fee, but it'll be waived if you have monthly direct deposits of at least $500. If you don't have direct deposit, you can also have the fee waived with a minimum daily balance of $1,500 (or $5,000 across multiple Chase accounts).

Chase offers online, mobile and text banking at no extra charge, and you can deposit checks from anywhere using the Chase mobile app.

You can use a Chase ATM for free, but you'll pay a $2.50 fee for non-Chase ATMs in the U.S., $5 for international withdrawals — so this account isn't the best for frequent international travelers. The bank has branches and ATMs in 33 states around the U.S., so you can avoid the fees if you've got one nearby.

4. TD Bank Convenience Checking Account

Overall: B
Fees: C
Rewards: A
Accessibility: C
Mobility: A-

The best thing about TD Bank is it'll pay you just for opening an account. You'll get $150 when you open a TD Convenience Checking account online. (Note: this offer expires Nov. 30, 2021.)

To get your bonus, you'll have to sign up for direct deposit and receive a total of $500 or more into your new account within 60 days of opening. Should be easy to achieve if you set your main paycheck up for direct deposit.

Your money won't earn interest in this account, but the new-account bonus is worth a few years of the interest you'd see in most checking accounts.

The $15 monthly fee on this account sounds hefty at first, but it's waived if you maintain a $100 minimum daily balance. If you tend to keep a low balance, that fee — and the account's $35 overdraft fee — could pinch your wallet.

All TD accounts include free online and mobile banking, including mobile check deposit.

Anyone can open an account online, but the brick-and-mortar banks (and ATMs) are mostly located along the East Coast. With a $3 fee for using an out-of-network ATM, you might want to have a physical location nearby

For a $300 bonus and an interest-yielding account, consider TD Bank's higher-tier Beyond Checking account. You must meet certain criteria (and be a new customer) to earn this bonus.

5. Axos Bank Essential Checking Account

Overall: B+
Fees: A
Rewards: A
Accessibility: B
Mobility: B

Axos' Essential Checking account comes with no monthly or annual fees and no overdraft fees.

An Axos representative told TPH all its checking accounts require a $100 minimum opening deposit, but after that require a minimum balance of only $1. Despite the low minimum balance, this bank rewards its customers with up to 1.25% APY on their balance (though Essential Checking accounts are not eligible).

It will also reimburse you by the end of the next business day for unlimited ATM fees within the U.S.

Per a rep via live chat, you'll pay a 1% service transaction charge on purchases made in other countries. So even though this online bank account is flexible, it isn't ideal for international travelers.

6. Ally Interest Checking Account

Overall: B
Fees: A
Rewards: D
Accessibility: B
Mobility: A

With Ally's free, online Interest Checking account, you can use any Allpoint ATMs in the U.S. for free, plus Ally will reimburse you up to $10 for other ATM fees within the U.S.

Another bonus is that in early June 2021, Ally permanently suspended overdraft fees for all accounts. It's the first U.S. bank to do this.

An Ally representative told The Penny Hoarder this checking account has no required minimum deposit to get started.

With a daily balance of $15,000 or more, this checking account yields 0.25% interest. Below $15,000, it's 0.10%. That tops a lot of bank accounts, but it's not as impressive as we'd expect for an account with "interest" in the name — and that balance requirement is a beast.

You can access this account online or through the Ally app, so it's an accessible choice for anyone within the U.S.

7. Consumer Credit Union Free Rewards Checking Account

Overall: B
Fees: A
Rewards: A
Accessibility: D
Mobility: B

The rewards on Consumer Credit Union's Free Rewards Checking are pretty sweet, but the requirements are hefty.

You'll earn 2.09% interest on your balance up to $10,000 and have all ATM fees reimbursed, as long as you:

Make 12 debit card purchases each month without using the PIN (as a credit transaction).
Have at least one direct deposit or ACH credit of $500 or more each month.
Enroll in e-documents.

In addition to that, you can earn 3.09% or 4.09% APY on balances up to $10,000 if you meet CCU Visa credit card spending requirements: $500 and $1,000, respectively.

All CCU branches are in Illinois, but anyone can open and manage an account online and through the mobile app.

8. Schwab Bank High Yield Investor Checking Account

Overall: C+

Fees: B
Rewards: F
Accessibility: D
Mobility: A

Schwab Bank is loved by international travelers. The account offers unlimited ATM fee rebates for cash withdrawals at ATMs anywhere in the world.

You can manage your account online or through the Schwab app for iPhone, and make deposits through the app, so this account keeps up with jet-setters.

The downside? Schwab's online-only High Yield Investor Checking account must be linked to a Schwab One brokerage account. Luckily, there are no fees or minimum deposits to open either account, as long as you open them together.

Neither account comes with monthly fees or a minimum balance, but "other account fees, fund expenses and brokerage commissions may apply" to the brokerage account once you begin investing, according to the Schwab site.

The checking account offers a variable interest rate. If you want to grow your savings through Schwab, you'll want to invest through the brokerage account.

9. Chase College Checking Account

Overall: B+
Fees: C
Rewards: C
Accessibility: A
Mobility: A

The Chase College Checking Account is designed with the college student in mind. For anyone ages 17 to 24 with proof of college enrollment, there is no monthly service fee.

However, it does come with some hefty insufficient-funds fees and fees for using non-Chase ATMs.

New applicants can get a $100 bonus in their account just for signing up for paperless statements and making 10 qualifying transactions within the first 60 days. Debit card transactions count, so that should be easy.

No other rewards are a part of this account, but that's typical with a student checking account.

Beyond that, the account comes with the accessibility of one of the nation's largest banks, so ATMs are plentiful and online and mobile banking is available.

10. Montgomery Bank New Start Checking Account

Overall: C+

Fees: A
Rewards: F
Accessibility: B
Mobility: B

The Montgomery Bank New Start Checking account is what you want in a second chance banking account. No frills, but no unnecessary fees, either.

All it takes is a $20 minimum deposit to open the account. While this is a no-frills account, it offers a lot of benefits for those who are looking to get back on their financial feet again.

This account is loaded with free options, which is what a student checking account should be all about. Check these out:

No monthly service fee
No minimum balance
A free debit card
Free direct deposit and unlimited check writing
Access to no-fee MoneyPass ATMs

*Chase Fine print:

"Checking offer is not available to existing Chase checking customers, those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. To receive the $225 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval AND 2) Have your direct deposit made to this account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above requirements, we'll deposit the bonus in your new account within 10 business days. You can only receive one new checking account-related bonus per calendar year. Bonus is considered interest and will be reported on IRS Form 1099-INT.

"Account Closing: If your checking account is closed within six months after opening, we will deduct the bonus amount at closing."

Editorial Disclosure

This content is not provided by the bank advertiser. Opinions expressed here are the author's alone, not those of the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.

Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.

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How to Become an Audiobook Narrator | Beginner's Guide

Posted: 31 Aug 2021 07:00 AM PDT

While readers and writers have skeptically watched the fluctuating publishing industry in recent years, one literary market has caught us all a bit by surprise: audiobooks.

An audiobook (sometimes stylized as "audio book"), like the name suggests, is a recording of a book that readers can listen to. Somewhere along the path of lengthy commutes (pre-COVID 19, anyway) and ubiquitous smartphones, a market for audiobooks erupted — people who don't otherwise read much.

Whether you're on a treadmill or have a couple hours to kill before boarding your flight, audiobooks are a great way to fit in learning and entertainment. Not to mention, it's a nice reprieve from staring at a screen all day.

How to Pursue Audiobook Narration as a Career or Side Gig

While this market explodes — audiobook sales totaled a stunning $1.2 BILLION in 2019 and hit eight years of double-digit revenue growth — you may be wondering how you can get a piece of the pie.

Whether you're a budding voice actor or seasoned recording professional looking into how to become an audiobook narrator, we've got you covered. In this article, we'll touch on the industry as a whole, what you need to get started and, of course, how much you can get paid.

First, let's tackle a couple of Audiobook-101 topics.

What are the Most Popular Audiobook Platforms?

Like we mentioned, audiobook popularity has been on the rise for about a decade. This booming market makes it imperative for authors and publishers to get traditional books into audio form ASAP and on the most popular platforms: Audible (owned by Amazon) and iTunes (owned by Apple).

Enter Amazon's Audiobook Creative Exchange (ACX), which connects audiobook narrators with books to narrate. Like other publishing services you'll find at Amazon — CreateSpace for print-on-demand books, CDs and DVDs; and Kindle Direct Publishing for ebooks — ACX simplifies the process of producing an audiobook from start to finish (you can view their comprehensive guide here on how to get started)..

So, to recap, two of the top players in the industry are Amazon and Apple *quelle surprise*.

With that said, there are quite a few indie audiobook publishers out there, too.

SUMMARY: You can publish audiobooks through giants such as Audible and iTunes, as well as smaller houses.

How Long Does it Take to Record an Audiobook?

Speaking of "from start to finish," how long does it take to actually record the thing?

To put it bluntly: It depends. And it can vary based on a number of factors.

For instance, if you're working with shoddy equipment (where you may have to abandon recordings or re-record often), you'll add to your total time. Whether or not you have a home studio or need to rent space can muddy up your timeline, too. Whether it's your first or 500th recording will also add to your tally.

A 350-page audiobook will be roughly 10 hours of audio, and take about 35 hours to record and edit it, according to Sound Adventurer. Writer Peter Mitchell saw varying numbers, and based on the average data he saw, he found it took around 3.5 hours — of both recording and editing — to arrive at one hour of polished audio.

SUMMARY: It can take anywhere from a couple hours to several days (and longer) to record and edit an audiobook, depending on a number of factors.

How Much Can You Make Recording Audiobooks?

So, similarly, the data varies here. Depending on your years of experience, where you're located and whether or not you're a union worker can affect your wages.

ACX doesn't set or recommend rates for producers to charge. But, it does point out many narrators are members of the SAG-AFTRA union, which lists minimum rate restrictions. For instance, if you're a member of the American Federation of Television and Radio Artists (AFTRA), you'll be paid $139.25 per hour as a new narrator, according to Sapling.com. Veteran narrators command about $168.25 per hour. So, either group would make over $1K for an eight-hour-day's worth of work.

These guaranteed rates vary by publisher/producer. Author Roz Morris tells authors to expect to pay around $200 per finished hour for audiobook narration.

If you check Indeed and gig-work sites, you'll find a range of responses there, too. For instance,a quick search on Indeed pulled up a few six-figure jobs for voice-over artists.

SUMMARY: You can make over $100 an hour if you're in a union. You can also find gig and full-time salaried work for voice professionals, and payment will vary.

Equipment that Audiobook Narrators Need

Of course your voice is important when it comes to narration. But it's not the only tool you need to be successful in the field.

If you want to become an audiobook narrator, you need solid equipment. And when it comes to equipment, there are a few good items you need to get started:

A laptop or PC
A quality microphone
Headphones
Audio editing software (such as Audacity or Garage Band)

You might want to purchase noise-canceling attachments, items to better sound-proof your home studio and a microphone stand, to name a few.

The Ins and Outs of Working as an Audiobook Narrator

Now that we covered some ground, let's dive deeper. We'll touch on how voice professionals can find work in this field, prepare for jobs and more.

How to Become an Audiobook Narrator: One Woman's Story

Actor Kris Keppeler has been doing voice-over work for over a decade.

"I got started through freelancing and bidding on work," Keppeler said. "I bid on a short audiobook and got that, and it went well. When ACX came along, I started auditioning there… It's taken a little bit to discover where my voice fits."

Based on her experience, Keppeler shares some advice — and warnings — for anyone interested in doing audiobook work.

Kris Keppler is pictured in this photo she took of herself.

What You Need to Know Before Auditioning

Before you spend months auditioning to land your first gig, we have some tips to help you get started.

"My voice just fits with audiobook work," Keppeler said. "Actors are especially tuned in for audiobook work, by the nature of our training."

That's because actors learn how to voice multiple characters, necessary for fiction narration in particular. Even for nonfiction, acting training can help you animate narration and make a book interesting.

"You definitely have to have some training," Keppeler said. "If you regularly listen to audiobooks and like them, that's a good starting point. But you have to have a real desire to do this kind of work, because it's a lot of work."

How is narrating an audiobook different from just reading a book aloud?

"When you read a book, you're seeing and hearing things in your mind," she said. "When you're narrating that book, what you're seeing and hearing in your mind you have to then vocalize. That's not easy!"

Because an audiobook listener relies entirely on your narration, painting the picture just right (and meeting the author's vision) is vital. It's a distinct difference from other voiceover work, like commercials, where images or video complement the narration.

Because of this need to draw the reader into a made-up world, narrating fiction requires acting skills. Not everyone is cut out for it.

But, "nonfiction has its own challenge," Keppeler said. "Sometimes what you're reading is kind of dry, but you still have to make it interesting."

She says it doesn't necessarily matter whether a book is interesting to her.

"At this point, whether it is or not, I am narrating it and finding the interesting bits for me and putting it into my voice," Keppeler said.

Even if you don't enjoy the subject matter, you can still enjoy the process of producing the book for readers.

SUMMARY:

Acting training can be beneficial to voice acting.
Regularly listen to audiobooks to pick up on technique.
Since a listener will be following your voice (and won't have visual cues), you have to vocalize what you're seeing and hearing in your mind for them. This is a skillset on its own.
Practice, practice, practice! And don't feel bad if a certain genre, or narrating in general, isn't for you.

Learn Proper Technique

Before landing her first gig through ACX, Keppeler submitted auditions to the platform for well over a year.

Why does it take so long to land a gig?

Some of it, Keppeler says, is just learning how to narrate correctly. "I had some coaching that finally brought me to the point of doing a fairly good job."

Author Joanna Penn recorded the audio versions of some of her own books. If you can't afford coaching, she offers some tips for beginners at The Creative Penn to help you get started.

Some tricks to consider:

If you're new at recording, schedule sessions a few days apart to ensure you have enough energy.
Try to avoid dairy before recording. Same goes for foods like peanut butter or anything that clogs up your mouth or throat (yeck!).
Try to modulate your breathing so you don't end up holding your breath. This has a real effect on stamina.

SUMMARY:

It may take a while (months or even years) to get your foot in the door.
Consider hiring a voice coach.
Bottle your energy ahead of recording sessions so your voice will be fresh.
Avoid certain foods and drinks before you record audio.
Learn proper breathing techniques.

Find Your Niche

Once she'd mastered the audiobook reading techniques, Keppeler said, she had to find her niche.

She used trial and error. She took whatever narration work came her way, and listened to client feedback. When an author liked her voice, she knew it was a good fit.

"In voice-over in general, there are so many different genres," she said. "Most people find you have certain specialties and certain ones don't fit."

Once you know your voice and which genres are the best fit, she says, jobs come much more quickly.

Only audition for gigs that fit your voice, and the success rate is much higher. You can even search for books by genre.

"I'm becoming a bit of a nonfiction specialist," Keppeler said. "[When it comes to fiction], it's hard to learn to do the different voices… Fiction books are heavily character-based, so you're going to have to handle [those] unless you're hired to work with a group, but that's not that common."

SUMMARY:

Finding the right niche will take some trial and error.
Listen to client feedback and don't be afraid to experiment with different genres.
Once you find a fit, stick with that niche so you can grow in that specialty.

The Challenges of Audiobook Narration

Some of the work involved goes beyond just recording the voiceover. "Especially if you work through ACX, you have to do the production yourself," Keppeler said. "[That's] editing and mastering yourself. There's a technical learning curve."

Audiobooks require hours and hours of editing, making them much more labor intensive than a lot of other voice-over work.

"What I learned editing smaller jobs contributed a lot to being able to jump into audiobooks," Keppeler said.

So you might consider starting small.

Search online for voiceover jobs — you'll find promotional videos under five minutes or corporate training videos of five to 15 minutes.

Even online course videos requiring a few hours of voice-over are much shorter than most audiobooks, which run closer to 10 to 15 hours. Hone your skills on smaller jobs and work your way up to the lengthier projects.

What about contracting the technical stuff out to an audio editor? Keppeler says that for what you're paid, it's not usually worth it for an audiobook.

You're expected to record, produce and deliver a finished product. Any additional help you bring in will cut into your pay. Keppeler says you're better off just learning to do it yourself.

The Creative Penn also offers a few editing tips:

Avoid page turning noises — read from a tablet, Kindle or other electronic device.
Turn off any devices' Wi-Fi connections and set them to Airplane mode to avoid static noises. (They may be there, even if you can't hear them.)
Each ACX file needs to be a single chapter of the book. It's easier to record these as separate files rather than cut it up later.
The ACX technical requirements mean you have to add a few seconds of Room Tone at the beginning and end of the file.

SUMMARY:

Recording audio can be labor-intensive work.
Consider mixing smaller audio jobs into your workload.
You can pay for audio editors and other professionals to help you with the finished project, but it's often worth learning these skills to keep more of what you earn.
Always be aware of — and avoid — any excess noise when recording.

Earning Royalties for Audiobook Work

Keppeler says most freelance audiobook work will be paid in royalties. As you might guess, this reduces an author's upfront cost — as well as their risk in hiring you.

While ACX may be a good place to find the work, the pay is usually lower, especially compared with freelance broker sites that aren't dedicated solely to audiobook narration. When you record an audiobook with ACX, you'll choose between setting your own per-finished-hour rate or splitting royalties 50/50 with the rights holder (usually the book's author or publisher).

If you charge a flat rate, you'll be paid upon completion of the book. Royalties are paid monthly based on sales from the previous month. Mostly, Keppeler focuses on short books she can quickly complete. And she gets paid a flat rate of about $100 per finished hour, rather than royalties.

"I have done royalty deals but only on ACX with short books," she said. "I don't want to tie up my time, because you [typically] make very little on royalty books… I have four royalty books [on ACX], and about $20 trickles in every quarter."

Whether or not a royalty deal pays off is largely based on an author's platform, The Creative Penn points out. Research an author before signing an agreement.

If you're just looking for a quick job and aren't concerned with long-term sales, you can work with an author regardless of their audience. Set a flat rate, and get your money when the job's done.

But if you want to develop a long-term relationship with an author and you've found someone with a sizable audience, you may be better off with the royalty deal.

Long term, you could make much more money in sales royalties. Your working relationship with the author also will be strengthened, because you'll be invested in the book's success.

SUMMARY:

Most freelance audiobook work is paid in royalties.
If you record an audiobook with ACX, you'll often either set a flat rate or split royalties with the rights holder.
There are pluses and minuses to royalty deals; figure out what will work for you.

A man records audio at a recording booth.

Where to Find Audiobook Work

As with any freelance work, booking a gig directly with the client in your network allows you the most autonomy in setting your rate.

Connecting with a client through a freelance broker like Upwork and Freelancer offers less autonomy and usually lower rates than working with someone directly.

Bidding through an exchange site like ACX offers the lowest of both. "I only go out to ACX when I don't have other paid work," Keppeler said.

ACX makes it difficult to achieve one of the staples of successful freelance work: repeat clients.

Keppeler said the platform isn't really set up to connect authors with narrators long-term. Instead you audition for each job. It eliminates a huge opportunity for narrators to work with an author on a series or future books.

What ACX is good for, she said, is building your portfolio. If you're just getting started, the platform gives you an opportunity to hone your chops.

Practice your narrating and editing skills through auditions, and improve from author feedback. Once you land a few gigs, use those as samples to land clients elsewhere.

As audiobooks increase in popularity, Keppeler is seeing more audiobook work appear on Upwork. Freelancers, she says, tend to be better for general voiceover gigs, but not audiobook narration.

Whether you want to be an audiobook narrator, do voice-over work in a recording studio or do something else in the audiobook industry, there's never been a better time. Check out job postings, casting calls and freelance work, and network with other voice actors.

Begin auditioning, and see what happens. Put that great voice of yours to good use!

SUMMARY:

You find audio gig work on platforms such as Upwork and Freelancer.com, and on exchanges like ACX.
Your past gigs will help you land future (and potentially more lucrative) opportunities.

If you're just getting started in voice-over work, try browsing Upwork for smaller projects you can use to find your voice, build your technical skills and grow your portfolio.

Or reach into your network, and get creative to find freelancing gigs on your own.

Frequently Asked Questions (FAQs)

Here are the top FAQs regarding audiobook narrators and audiobook narrator jobs.

How Much Does an Audiobook Narrator Make?

A voice actor in a union can make about $100-$200 an hour to record an audiobook. Depending on the gig and a host of other factors, compensation will vary per person and per job. Refer to the section "How Much Can You Make Recording Audiobooks?" in this article for more information.

How Much Do Audiobook Narrators Make a Year?

Related, this will depend on a number of things, from your years of experience on the freelance circuit to what type of salaried job you get. The range is anywhere from a couple hundred dollars to tens (or even hundreds) of thousands a year.

How Do I Become an Audible Narrator?

Amazon has a guide for budding Audible audiobook narrators.

Can Anyone Be an Audiobook Narrator?

Technically yes, though you'll increase your chances of getting hired with training or coaching, lots of practice and past successful work you can showcase. In general, being an audiobook narrator would be an aligned gig for voice-over artists, vocal talent and other voice actors.

Dana Sitar and Kathleen Garvin are contributors to The Penny Hoarder.

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Tuesday, August 31, 2021